BTC drops to near $20,700 after Fed Chair Powell’s speech News ▸ Bitcoin ▸ Bear Market
BTC drops to near $20,700 after Fed Chair Powell’s speech
Bitcoin price fell almost 5% after Federal Reserve's chairman Jerome Powell said it will take a while before the inflation is stabilized.
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Updated: Aug. 26, 2022 at 5:08 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin fell almost 5% to $ 20,822 after Federal Reserve Chairman Jerome Powell spoke at Jackson Hole on Aug. 26, saying that restoring inflation back to ideal levels will take time.
Powell briefly spoke at the event and talked about the importance of price stability. He noted that price stability is the “bedrock of the economy” and that the economy won’t benefit anyone without it. He stressed that price stability must be regained and preserved, but until the economy reaches that level, “there will be some pain to households and businesses.”
Powell said:
“restoring price stability will take some time and means using [FED] tools forcibly.”
Bitcoin price
Bitcoin price fell by 2% during Powell’s speech, falling from $21,830 to $21,548. The fall continued for three more hours after the speech, falling by 5% to reach as low as $20,743.
Bitcoin price experienced a small bull run in recent weeks, reaching the level of $24,000. However, as the market closes for the weekend, the price of Bitcoin is following a downward trajectory.
Bitcoin Market Data
At the time of press 5:08 pm UTC on Aug. 26, 2022, Bitcoin is ranked #1 by market cap and the price is down 3.46% over the past 24 hours. Bitcoin has a market capitalization of $398.2 billion with a 24-hour trading volume of $38.66 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 5:08 pm UTC on Aug. 26, 2022, the total crypto market is valued at at $1 trillion with a 24-hour volume of $82.12 billion. Bitcoin dominance is currently at 39.64%. Learn more about the crypto market ›
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Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Jerome Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term.